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Lasha is 26 years old. He lives in Batumi, with his wife and aunt. Lasha requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

The family has their income from a newly-started business in their local town. Lasha has a bakery, where breads are baked and sold in Batumi. The income from this bakery is hardly enough to cover only food and everyday expenses for three people. Because the income is not enough for the family, Lasha decided to start-up a new business with the requested loan.

His loan request was approved in the frame of the new joint initiative of Kiva and Credo. The Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor people, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Lasha will purchase an additional local bakery, where he will bake Khachapuri (Georgian “cheese bread’’). This is a very popular traditional food among Georgians. Khachapuri will be sold with the breads from Lasha's first bakery, and this will increase the family's income. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.

Additional Information

More information about this loan

This loan is part of Credo's startup loan program targeting particularly vulnerable clients who live at the subsistence level and have been unable to obtain credit due to lack of income from an existing business. This program offers them a longer repayment term and an annual interest rate that is 5% lower than the standard interest rate. By funding this loan, you are supporting a program that gives borrowers a second chance to start and grow small businesses. This has the potential to alleviate the effects of poverty, significantly improving borrowers' incomes and their families' quality of life. Learn more about Credo's startup loan program on the Kiva Blog.

About LLC Micro Finance Organization Credo

LLC Credo (Credo) is a microfinance organization in Georgia that provides sustainable credit services to alleviate poverty in rural areas, including business loans, agriculture loans, household loans, crop insurance and more. Kiva lenders’ funds are used to help the organization expand its outreach to even more entrepreneurs, farmers and households in remote areas.

About Georgia

  • $6,100
    Average annual income
  • 38
    View loans »
    Georgia Loans Fundraising
  • $7,931,175
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,000 helped Lasha to purchase a bakery where he will bake Georgian "cheese bread" to sell along with breads from his first bakery.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Nov 14, 2012
Nov 20, 2012
Currency Exchange Loss:
Dec 20, 2013